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Who appoints a company liquidator?
Can a company liquidator appoint a provisional liquidator?
Who appoints a provisional liquidator in a winding up order?
Who appoints a liquidator after a winding-up order?
(1) For the purposes of winding up of a company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint an Official Liquidator or a liquidator from the panel maintained under sub-section (2) as the Company Liquidator.
When a company goes into liquidation, a liquidator is appointed to manage the affairs of the company and ensure that its assets are distributed fairly among creditors and shareholders. The liquidator plays a crucial role in winding up the company's affairs and completing the liquidation process.
Oct 27, 2023 · Appointment of Liquidator: Following the issuance of the winding-up order, the NCLT appoints a qualified insolvency professional as the liquidator. The liquidator is responsible for overseeing the entire liquidation process, including the realization and distribution of the company’s assets.
- Introduction
- Meaning of The Term “Liquidation”
- Liquidator
- Reasons Behind Liquidation
- Types of Liquidation
- Procedure For Liquidation of A Company
- Advantages and Disadvantages of Liquidation of The Company
- Conclusion
- References
The liquidationprocess is initiated by a company that is under the burden of debt. It starts the process of liquidation to wind up and stop its operations and transactions. The company sells its assets to overcome its liabilities and obligations. A company is generally liquidated when it is certain that the business is not in a state of profitabili...
Liquidation is a process of bringing the finance and economics of a business to an end. This event generally comes when a company has been insolvent and is unable to pay its obligations, so it distributes the property within its claimants. Subjects of the liquidation are its general partners. Liquidation is a process of terminating the affairs of a...
A liquidator is a person generally appointed by the court, unsecured creditors or by the shareholders of the company. He is the person who liquidates assets (in most cases). The liquidator is mainly appointed when the company has been insolvent and bankrupt. After his appointment, he takes control of all the assets, properties of the organization a...
The liquidation occurs when a limited company reaches a point where for one reason or another it has to decide not to continue the business. Basically, in this case, a company can consider liquidation. Generally, it means turning the assets of a company or business into the form of cash, and this is typically done for paying the different types of ...
There are mainly three types of liquidation, compulsory liquidation, voluntary liquidation and creditors voluntary liquidation. These are explained as follows:
The procedure for winding up of the company caused out of its inability to pay its debts or voluntary wind up is prescribed under the Insolvency and Bankruptcy Code, 2016. On the other hand, in the Companies Act, 2013the process for liquidation of the company has been prescribed for reasons other than its inability to pay debts. On January 24th, 20...
Advantages of liquidation
1. It takes matters at the end of an insolvent business that was struggling to cope up in an organized legal manner. 2. Removes the responsibilities of the owners and directors. 3. No need to file annual accounts or tax returns. 4. Lifting of county court judgments or debt recovery pressure.
Disadvantages of liquidation of the company
1. Restriction on business from using the same company name in future. 2. Shareholders will need to repay illegal dividends. 3. Loss of business reputation, trading licenses or other valuable assets. 4. Administration being quicker will give benefits to creditors.
Therefore, as we have seen above, liquidation of the company initiates when the company becomes insolvent and bankrupt due to unmanaged business affairs and transactions, not keeping up with the trade market. When this situation comes a company voluntarily or by the order of the tribunal has to dissolve the company by following the liquidation proc...
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- Rachit Garg
Question 4. How does the liquidator get appointed during liquidation process? Answer. Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33 of the Code, the resolution professional appointed for the corporate
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The Official Liquidators are officers appointed by the Central Government under Section 448 of the Companies Act, 1956 and are attached to various High Courts.
May 17, 2014 · (1) For the purposes of winding up of a company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint an Official Liquidator or a liquidator from the panel maintained under sub-section (2) as the Company Liquidator.
